Mr. X has gifted a sum of Rs. 40 lakhs Cheque to his helper or say someone else who is not at all related to him(Mr.X).
Now this other person has purchased some property ( say house).
My question is, how such is going to be taxed?
whether it is included in the head "Income from other sources" and taxed or any Notice will be served on such other person for such huge credit in his Bank account??
Thanks in advance
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Gift to unrelated Party
Replies (3)
Yes, it shall be taxable to the receiver of gift under head Income from Other Sources, under Sec 56(x) of IT Act.
Yes.... I agreed to Mr Sahil Jain (DISA, CA).
The gift is taxable under IFOS in the hands of Receiver...
The gift is taxable under IFOS in the hands of Receiver...
any sum of money in aggregate, more than 50000 received from a person during a financial year other than certain exemptions is fully taxable in the hands of recipient u/s 56 2 x of the act.
the entire 40 lakhs will be taxable under ifos as per rates applicable to the helper.
the entire 40 lakhs will be taxable under ifos as per rates applicable to the helper.
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